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Bessent’s announcement – which has been widely anticipated – starts the clock running on the massive Republican reconciliation bill.

Bessent says Congress needs to raise debt limit by July

Treasury Secretary Scott Bessent formally told congressional leaders today that they must approve an increase in the U.S. government’s debt limit by mid-July, before lawmakers leave for the August break.

Here’s Bessent in a letter sent to party leaders in both the House and Senate, plus the chairs and ranking members of committees of jurisdiction:

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